Brandywine Not Looking To Buy for a While

RADNOR, PA-Brandywine Realty Trust is increasing its FFO guidance for the year, but management is conservative in what CEO Gerard Sweeney calls a “challenging business environment.” For example, the company plans no acquisitions over the rest of the year (none have taken place at all in 2008) or through all of 2009.

However, company executives are expecting that buyers are out there, particularly when it comes to Brandywine’s office-building portfolio. They are forecasting to sell $45 million of assets in the fourth quarter and $100 million in next year’s second half.

Sweeney said during the company’s third-quarter conference call that Brandywine is looking to sell buildings that are in non-core markets or account for the bottom 25% of the firm’s NOI. Brandywine will also consider additional dispositions or joint-venture partnerships.